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(e) Internal controls are very important in a complex civil engineering project such as the Giant Dam Project.
Required:
Describe the difficulties of maintaining sound internal controls in the Giant Dam Project created by working
through sub-contractors. (4 marks)
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更多 “ (e) Internal controls are very important in a complex civil engineering project such as the Giant Dam Project.Required:Describe the difficulties of maintaining sound internal controls in the Giant Dam Project created by workingthrough sub-contractors. (4 marks) ” 相关考题
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Documented work authorization provide:A.a means of effective internal coordination of the project's activities.B.an audit trail of all work authorized from project initiation to completion.C.a means for communication of work activity between the project manager and the performing activities.D.All of the aboveE.A and B only.
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A variance envelope has been established on a project. The envelope goes from ＋－30% in RD to +-5% during manufacturing. The reason for the change in thickness of the envelope is because:A . The management reserve has been used up.B . The accuracy of the estimates in manufacturing are worse than the estimates in R D.C . Tighter controls are always needed as a project begins to wind down.D . Of the personal desires of the project sponsor.E . Of none of the above
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A project manager who, in a deference of opinion with the project controls engineer on how costs are to be reported, dictates the format of the cost report may be said to have a conflict management style.A WithdrawingB ForcingC ConfrontationalD AuthoritarianE Combative
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171 Documented work authorization provide:A. a means of effective internal coordination of the project's activities.B. an audit trail of all work authorized from project initiation to completionC.a means for communication of work activity between the project manager and the performing activities.D. All of the aboveE. A and B only
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99 A project manager who, in a deference of opinion with the project controls engineer on how costs are to be reported, dictates the format of the cost report may be said to have a conflict management style. A. WithdrawingB. ForcingC. ConfrontationalD. AuthoritarianE. Combative
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(d) Draft a letter for Tim Blake to send to WM’s investors to include the following:(i) why you believe robust internal controls to be important; and(ii) proposals on how internal systems might be improved in the light of the overestimation of mallerite atWM.Note: four professional marks are available within the marks allocated to requirement (d) for the structure,content, style. and layout of the letter.(16 marks)
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3 Susan Paullaos was recently appointed as a non-executive member of the internal audit committee of Gluck andGoodman, a public listed company producing complex engineering products. Barney Chester, the executive financedirector who chairs the committee, has always viewed the purpose of internal audit as primarily financial in natureand as long as financial controls are seen to be fully in place, he is less concerned with other aspects of internalcontrol. When Susan asked about operational controls in the production facility Barney said that these were not theconcern of the internal audit committee. This, he said, was because as long as the accounting systems and financialcontrols were fully functional, all other systems may be assumed to be working correctly.Susan, however, was concerned with the operational and quality controls in the production facility. She spoke toproduction director Aaron Hardanger, and asked if he would be prepared to produce regular reports for the internalaudit committee on levels of specification compliance and other control issues. Mr Hardanger said that the internalaudit committee had always trusted him because his reputation as a manager was very good. He said that he hadnever been asked to provide compliance evidence to the internal audit committee and saw no reason as to why heshould start doing so now.At board level, the non-executive chairman, George Allejandra, said that he only instituted the internal audit committeein the first place in order to be seen to be in compliance with the stock market’s requirement that Gluck and Goodmanshould have one. He believed that internal audit committees didn’t add materially to the company. They were, hebelieved, one of those ‘outrageous demands’ that regulatory authorities made without considering the consequencesin smaller companies nor the individual needs of different companies. He also complained about the need to have aninternal auditor. He said that Gluck and Goodman used to have a full time internal auditor but when he left a yearago, he wasn’t replaced. The audit committee didn’t feel it needed an internal auditor because Barney Chester believedthat only financial control information was important and he could get that information from his managementaccountant.Susan asked Mr Allejandra if he recognised that the company was exposing itself to increased market risks by failingto have an effective audit committee. Mr Allejandra said he didn’t know what a market risk was.Required:(a) Internal control and audit are considered to be important parts of sound corporate governance.(i) Describe FIVE general objectives of internal control. (5 marks)
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1 Rowlands Medeleev (RM), a major listed European civil engineering company, was successful in its bid to becomeprincipal (lead) contractor to build the Giant Dam Project in an East Asian country. The board of RM prided itself inobserving the highest standards of corporate governance. RM’s client, the government of the East Asian country, hadtaken into account several factors in appointing the principal contractor including each bidder’s track record in largecivil engineering projects, the value of the bid and a statement, required from each bidder, on how it would deal withthe ‘sensitive issues’ and publicity that might arise as a result of the project.The Giant Dam Project was seen as vital to the East Asian country’s economic development as it would provide alarge amount of hydroelectric power. This was seen as a ‘clean energy’ driver of future economic growth. Thegovernment was keen to point out that because hydroelectric power did not involve the burning of fossil fuels, thepower would be environmentally clean and would contribute to the East Asian country’s ability to meet itsinternationally agreed carbon emission targets. This, in turn, would contribute to the reduction of greenhouse gasesin the environment. Critics, such as the environmental pressure group ‘Stop-the-dam’, however, argued that theproject was far too large and the cost to the local environment would be unacceptable. Stop-the-dam was highlyorganised and, according to press reports in Europe, was capable of disrupting progress on the dam by measures suchas creating ‘human barriers’ to the site and hiding people in tunnels who would have to be physically removed beforeproceeding. A spokesman for Stop-the-dam said it would definitely be attempting to resist the Giant Dam Project whenconstruction started.The project was intended to dam one of the region’s largest rivers, thus creating a massive lake behind it. The lakewould, the critics claimed, not only displace an estimated 100,000 people from their homes, but would also floodproductive farmland and destroy several rare plant and animal habitats. A number of important archaeological siteswould also be lost. The largest community to be relocated was the indigenous First Nation people who had lived onand farmed the land for an estimated thousand years. A spokesman for the First Nation community said that the ‘trueprice’ of hydroelectric power was ‘misery and cruelty’. A press report said that whilst the First Nation would be unlikelyto disrupt the building of the dam, it was highly likely that they would protest and also attempt to mobilise opinion inother parts of the world against the Giant Dam Project.The board of RM was fully aware of the controversy when it submitted its tender to build the dam. The financedirector, Sally Grignard, had insisted on putting an amount into the tender for the management of ‘local risks’. Sallywas also responsible for the financing of the project for RM. Although the client was expected to release money inseveral ‘interim payments’ as the various parts of the project were completed to strict time deadlines, she anticipateda number of working capital challenges for RM, especially near the beginning where a number of early stage costswould need to be incurred. There would, she explained, also be financing issues in managing the cash flows to RM’smany subcontractors. Although the major banks financed the client through a lending syndicate, RM’s usual banksaid it was wary of lending directly to RM for the Giant Dam Project because of the potential negative publicity thatmight result. Another bank said it would provide RM with its early stage working capital needs on the understandingthat its involvement in financing RM to undertake the Giant Dam Project was not disclosed. A press statement fromStop-the-dam said that it would do all it could to discover RM’s financial lenders and publicly expose them. Sallytold the RM board that some debt financing would be essential until the first interim payments from the clientbecame available.When it was announced that RM had won the contract to build the Giant Dam Project, some of its institutionalshareholders contacted Richard Markovnikoff, the chairman. They wanted reassurance that the company had fullytaken the environmental issues and other risks into account. One fund manager asked if Mr Markovnikoff couldexplain the sustainability implications of the project to assess whether RM shares were still suitable for hisenvironmentally sensitive clients. Mr Markovnikoff said, through the company’s investor relations department, that heintended to give a statement at the next annual general meeting (AGM) that he hoped would address theseenvironmental concerns. He would also, he said, make a statement on the importance of confidentiality in thefinancing of the early stage working capital needs.(a) Any large project such as the Giant Dam Project has a number of stakeholders.Required:(i) Define the terms ‘stakeholder’ and ‘stakeholder claim’, and identify from the case FOUR of RM’sexternal stakeholders as it carries out the Giant Dam Project; (6 marks)
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(b) Describe a framework to assess the risks to the progress of the Giant Dam Project. Your answer shouldinclude a diagram to represent the framework. (6 marks)
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(ii) An evaluation of the environmental and sustainability implications of the Giant Dam Project; (8 marks)
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(b) The Sarbanes-Oxley Act contains provisions for the attestation (verification) and reporting to shareholders ofinternal controls over financial reporting.Required:Describe the typical contents of an external report on internal controls. (8 marks)
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●Managing risk and documenting them is very important in project planning process. You are in the process of defining key risks, including constraints and assumptions, and planned responses and contingencies. These details will be included in the (73).(73)A. project management planB. project baselineC. risk response planD. risk baseline
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听力原文：M: Accounting controls refer to plans, procedures and records required for safeguarding assets and producing reliable financial accounts.W: Yes. Accounting controls are important elements of a bank's internal control system, the soundness of which is vital for bank's survival.Q: What are the important elements of a bank's internal control system?(15)A．Accounting basis.B．Cash basis accounting.C．Accounting control.D．The chart of accounts of a bank.
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Managing risk and documenting them is very important in project planning process.You are in the process of defining key risks, including constraints and assumptions, and planned responses and contingencies. These details will be included in the(73) .A.project management plan
B.project baseline
C.riskresponse plan
D.risk baseline
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资料：Many people think of internal control as a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and preventing fraud, this is only a part of its roles. Remember that business decisions are based on accounting data and the system of internal control provides assurance of the dependability of the accounting data used in making decisions.
The decisions made by management are communicated throughout the organization and become company policy. The results of the policies-----the consequences of managerial decisions----must be reported back to management so that the soundness of company policies can be evaluated. Among the means of communication included in the system of internal control are organization charts, manuals of accounting policies and procedures, flow charts, financial forecasts, purchase orders, receiving reports, invoices, and other documents. The term documentation refers to all the charts, forms, reports, and other business papers that guide and describe the working of a company's system of accounting and internal control.
Internal controls fall into two major classes: administrative controls and accounting controls. Administrative controls are measures that increase operational efficiency and compliance with policies in all parts of organization. For example, an administrative control may be a requirement that traveling salespersons submit reports showing the number of calls made on customers each day. Another example is a directive require airline pilots to have regular medical examinations. These internal administrative controls have no direct bearing on the reliability of the financial statements. Consequently, administrative controls are not of direct interest on accountants and independent auditors.
Internal accounting controls are measures that relate to protection of assets and to the reliability of accounting and financial reports. An example is the requirement that a person whose duties involve handling cash shall not also maintain accounting records. More broadly stated, the accounting function must be kept separate from the custody of assets. Another accounting control is the requirement that checks, purchase orders, and other documents be serially numbered. Still another example is the rule that a person who orders merchandise and supplies should not be the one to receive them and should not sign checks to pay for them.
The results of managerial decisions must be reported back to managements so that （ ）can be evaluated?A.The means of communication
B.The level of performance in all divisions of the company
C.The effectiveness of company policies
D.The financial reports
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资料：Many people think of internal control as a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and preventing fraud, this is only a part of its roles. Remember that business decisions are based on accounting data and the system of internal control provides assurance of the dependability of the accounting data used in making decisions.
The decisions made by management are communicated throughout the organization and become company policy. The results of the policies-----the consequences of managerial decisions----must be reported back to management so that the soundness of company policies can be evaluated. Among the means of communication included in the system of internal control are organization charts, manuals of accounting policies and procedures, flow charts, financial forecasts, purchase orders, receiving reports, invoices, and other documents. The term documentation refers to all the charts, forms, reports, and other business papers that guide and describe the working of a company's system of accounting and internal control.
Internal controls fall into two major classes: administrative controls and accounting controls. Administrative controls are measures that increase operational efficiency and compliance with policies in all parts of organization. For example, an administrative control may be a requirement that traveling salespersons submit reports showing the number of calls made on customers each day. Another example is a directive require airline pilots to have regular medical examinations. These internal administrative controls have no direct bearing on the reliability of the financial statements. Consequently, administrative controls are not of direct interest on accountants and independent auditors.
Internal accounting controls are measures that relate to protection of assets and to the reliability of accounting and financial reports. An example is the requirement that a person whose duties involve handling cash shall not also maintain accounting records. More broadly stated, the accounting function must be kept separate from the custody of assets. Another accounting control is the requirement that checks, purchase orders, and other documents be serially numbered. Still another example is the rule that a person who orders merchandise and supplies should not be the one to receive them and should not sign checks to pay for them.
Which one of the following is not the role of internal control？A.Preventing fraud.
B.Providing help for making decisions.
C.Improving the sense of responsibility of employees.
D.Protecting assets.
考题
资料：Many people think of internal control as a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and preventing fraud, this is only a part of its roles. Remember that business decisions are based on accounting data and the system of internal control provides assurance of the dependability of the accounting data used in making decisions.
The decisions made by management are communicated throughout the organization and become company policy. The results of the policies-----the consequences of managerial decisions----must be reported back to management so that the soundness of company policies can be evaluated. Among the means of communication included in the system of internal control are organization charts, manuals of accounting policies and procedures, flow charts, financial forecasts, purchase orders, receiving reports, invoices, and other documents. The term documentation refers to all the charts, forms, reports, and other business papers that guide and describe the working of a company's system of accounting and internal control.
Internal controls fall into two major classes: administrative controls and accounting controls. Administrative controls are measures that increase operational efficiency and compliance with policies in all parts of organization. For example, an administrative control may be a requirement that traveling salespersons submit reports showing the number of calls made on customers each day. Another example is a directive require airline pilots to have regular medical examinations. These internal administrative controls have no direct bearing on the reliability of the financial statements. Consequently, administrative controls are not of direct interest on accountants and independent auditors.
Internal accounting controls are measures that relate to protection of assets and to the reliability of accounting and financial reports. An example is the requirement that a person whose duties involve handling cash shall not also maintain accounting records. More broadly stated, the accounting function must be kept separate from the custody of assets. Another accounting control is the requirement that checks, purchase orders, and other documents be serially numbered. Still another example is the rule that a person who orders merchandise and supplies should not be the one to receive them and should not sign checks to pay for them.
Which of the following is an example of internal accounting controls?（ ）.A.person is required to keep the custody of asset as well as accounting records.
B.person is required to order merchandise and supplies and to receive them as well.
C.person is required to handle cash and another one to maintain accounting records.
D.traveling salesperson is required to present reports showing the number of calls made on customers.
考题
资料：Many people think of internal control as a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and preventing fraud, this is only a part of its roles. Remember that business decisions are based on accounting data and the system of internal control provides assurance of the dependability of the accounting data used in making decisions.
The decisions made by management are communicated throughout the organization and become company policy. The results of the policies-----the consequences of managerial decisions----must be reported back to management so that the soundness of company policies can be evaluated. Among the means of communication included in the system of internal control are organization charts, manuals of accounting policies and procedures, flow charts, financial forecasts, purchase orders, receiving reports, invoices, and other documents. The term documentation refers to all the charts, forms, reports, and other business papers that guide and describe the working of a company's system of accounting and internal control.
Internal controls fall into two major classes: administrative controls and accounting controls. Administrative controls are measures that increase operational efficiency and compliance with policies in all parts of organization. For example, an administrative control may be a requirement that traveling salespersons submit reports showing the number of calls made on customers each day. Another example is a directive require airline pilots to have regular medical examinations. These internal administrative controls have no direct bearing on the reliability of the financial statements. Consequently, administrative controls are not of direct interest on accountants and independent auditors.
Internal accounting controls are measures that relate to protection of assets and to the reliability of accounting and financial reports. An example is the requirement that a person whose duties involve handling cash shall not also maintain accounting records. More broadly stated, the accounting function must be kept separate from the custody of assets. Another accounting control is the requirement that checks, purchase orders, and other documents be serially numbered. Still another example is the rule that a person who orders merchandise and supplies should not be the one to receive them and should not sign checks to pay for them.
（ ）are not the means of communication included in the system of internal controls.A.Financial forecasts
B.According rules
C.Manuals of accounting policies and procedures
D.Organization charts
考题
资料：Many people think of internal control as a means of safeguarding cash and preventing fraud. Although internal control is an important factor in protecting assets and preventing fraud, this is only a part of its roles. Remember that business decisions are based on accounting data and the system of internal control provides assurance of the dependability of the accounting data used in making decisions.
The decisions made by management are communicated throughout the organization and become company policy. The results of the policies-----the consequences of managerial decisions----must be reported back to management so that the soundness of company policies can be evaluated. Among the means of communication included in the system of internal control are organization charts, manuals of accounting policies and procedures, flow charts, financial forecasts, purchase orders, receiving reports, invoices, and other documents. The term documentation refers to all the charts, forms, reports, and other business papers that guide and describe the working of a company's system of accounting and internal control.
Internal controls fall into two major classes: administrative controls and accounting controls. Administrative controls are measures that increase operational efficiency and compliance with policies in all parts of organization. For example, an administrative control may be a requirement that traveling salespersons submit reports showing the number of calls made on customers each day. Another example is a directive require airline pilots to have regular medical examinations. These internal administrative controls have no direct bearing on the reliability of the financial statements. Consequently, administrative controls are not of direct interest on accountants and independent auditors.
Internal accounting controls are measures that relate to protection of assets and to the reliability of accounting and financial reports. An example is the requirement that a person whose duties involve handling cash shall not also maintain accounting records. More broadly stated, the accounting function must be kept separate from the custody of assets. Another accounting control is the requirement that checks, purchase orders, and other documents be serially numbered. Still another example is the rule that a person who orders merchandise and supplies should not be the one to receive them and should not sign checks to pay for them.
An airline pilot having regular medical examinations is an example of（ ）. A.internal accounting controls
B.internal financial controls
C.administrative controls
D.external controls
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（） are individuals and organizations that are actively involved in the project, orwhose interests may be affected as a result of project execution or project completion; they mayalso exert influence over the project and its results. A.Controls
B.Baselines
C.Project stakeholders
D.Project managers
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It is very important that enough money （）to fund the project.Abe collectedBmust be collectedCis collectedDcan be collected
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It is very important that enough money （）to fund the project.A、be collectedB、must be collectedC、is collectedD、can be collected
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You are maintaining a Microsoft ASP.NET Web Application that was created by using the Microsoft .NET Framework version 3.5. You obtain the latest version of the project from the source control repository. You discover that an assembly reference is missing when you attempt to compile the project on your computer.You need to compile the project on your computer. What should you do？（）A、Add a reference path in the property pages of the project to the location of the missing assembly.B、Add a working directory in the property pages of the project to the location of the missing assembly.C、Change the output path in the property pages of the project to the location of the missingassembly.D、Delete the assembly reference. Add a reference to the missing assembly by browsing for it on your computer.
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You work as a Web Developer at Certkiller.com. You are in the process of creating a Webapplication using Microsoft ASP.NET 3.5. A third-party assembly contains custom server controls. This assembly does not contain a strongname and it’s not part of the application’s Microsoft Visual Studio 2008 solution. You have to makesure that the other users are able to use the custom controls. You decide to configure theapplications project. What should you do？（）A、You should add a project reference to the project.B、You should add a Web reference to the project.C、You should add a service reference to the project.D、You should add an assembly reference to the project.
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问答题Practice 4 Few creations of big technology capture the imagination like giant dams. Perhaps it is humankind’s long suffering at the mercy of flood and drought that makes the ideal of forcing the waters to do our bidding so fascinating. But to be fascinated is also, sometimes, to be blind. Several giant dam projects threaten to do more harm than good. The lesson from dams is that big is not always beautiful. It doesn’t help that building a big, powerful dam has become a symbol of achievement for nations and people striving to assert themselves. Egypt’s leadership in the Arab world was cemented by the Aswan High Dam. Turkey’s bid for First World status includes the giant Ataturk Dam.
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单选题It is very important that enough money （）to fund the project.A
be collectedB
must be collectedC
is collectedD
can be collected
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